Please ensure Javascript is enabled for purposes of website accessibility

The 7.1 Percent Increase

Biz BriefsNew Jersey homeowners, who pay the highest property taxes in the nation, saw their taxes rise 7.1 percent to an average of $6,331 last year, says the state’s Department of Consumer Affairs (DCA). This was an increase of $417 from the average property tax of $5,914 that residents paid in 2005, according to the DCA’s 2006 tax summary, which also showed that the average property-tax bill shot up 28 percent between 2002 and 2006. A new property tax plan approved by state officials last month, however, would grant New Jersey’s 1.9 million property taxpayers credits of as much as 20 percent and an average of $1,000 in tax relief.

NJBIZ Business Events